A news agency reported China Xinhua reported that the Chinese Ministry of Commerce announced today, Saturday, that it had issued a judicial order to stop the US sanctions imposed on five Chinese refinery companies accused of buying… Iranian oil.
The ministry said that the five companies are Hengli Petrochemical Refinery (Dalian) and four private refining companies: Shandong Jincheng Petrochemical, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong Xingxing Chemical.
In April, the US Treasury imposed sanctions on Hengli Petrochemical Company, accusing it of purchasing Iranian oil worth billions of dollars, in an escalation of efforts to… Washington The long-standing effort to limit Iran’s oil revenues.
Last year, the Trump administration imposed sanctions on the four other refineries mentioned by the ministry, among others.
Expressive image (archive).
The ministry said that the US sanctions violate “international law and basic standards of international relations.” Because of this, the Ministry indicated that it had imposed an injunction.
“The injunction states that the United States may not recognize, implement, or comply with the sanctions imposed on the five Chinese companies mentioned above,” the Commerce Department added.
The sanctions presented some obstacles for refining companies, including difficulties in obtaining crude oil and being forced to sell refined products under different names. Private refineries represent a quarter of China’s refining capacity, operate with a small profit margin and sometimes no profit margin, and have recently been under pressure due to weak domestic demand.
